This makes a lot of sense to me. Back in college, Facebook was a place for communication with friends. Wall posts back and forth had an intimate feel, and no one worried about privacy when it was a closed network.
Somewhere along the way to to a professional career however, I cleaned up my profile, switched most of my updates to public, and shifted towards news sharing and commentary. Twitter and Google+ serve the same purpose for me, and Path feels restrictive since I don't really want to mix family, high school friends, college friends, work friends. This looks like it definitely has the potential to fill that void for private group communication.